Canara Bank offers Business loans in the form of MSME loans. Many people want to start a business or, if they already have one, to expand and improve it. Everyone, whether SMEs or multinational corporations, will eventually require funds.
Banks such as onlinecanarabank offer Business loans specifically for this purpose. Canara’s online website provides net banking options for users.
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Features and Benefits
The loan amount ranges from Rs. 50,000 to Rs. 10 crores with a tenure of up to 7 years, with interest rates starting at 10.50% per annum.
Loan Processing fee charges are 1% of the loan amount.
Provide loans for purposes like Expanding business, purchasing equipment, purchasing plant&machinery, increasing working capital requirements, improving credit history, to manage cash flow for day-to-day cash requirements.
A credit score of a company or individual is important to apply for a business loan.
Canara Bank offers various repayment modes, i.e., EMI directly debit from your bank account. Electronic clearing service means you give the bank authority to debit the account from your bank account.
Also, accept post-dated cheques for loan repayment.
To encourage women entrepreneurs, provide affordable and comparatively lower interest rates for women.
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Loan Details
SL.No
Requirements
Details
1
Minimum Loan Amount
Rs. 50,000
2
Maximum Loan Amount
Rs. 10 crores
3
Interest Rate
starts at 10.50%
4
Tenure
up to 7 years
5
Processing Fee
1% of loan amount + Tax
Eligibility Criteria of Canara Bank
Indian Citizen
Self-employed individuals
Private companies
Proprietors
Partnership firms
In the business of Services, Trading, or Manufacturing
